Dr Wee: Construction group never owned 10% stake in SPV

KUALA LUMPUR: Datuk Seri Dr Wee Ka Siong has revealed that Beijing Urban Construction Group (BUCG) never owned a 10% equity in the special purpose vehicle (SPV) for the Penang undersea tunnel and three roads project as claimed by the Penang government. Dr Wee, in a press conference at Wisma MCA here on Thursday afternoon, showed proof that BUCG only held less than 1% of shares — 0.00571% to be exact — in the SPV, before it was eventually left out of the project.

"Based on official documents obtained from Companies Commission Malaysia (SSM), it was discovered that BUCG accounted for only 1,000 out of the 17,500,000 shares in the SPV, or a measly 0.00571% of the entire shareholding, which is even lower than 1%, let alone 10%.

Dr Wee, who is MCA deputy president, was citing search records with SSM dated May 11, 2016 and June 14, 2017.

Dr Wee said that when Penang signed a contract with the SPV on Oct 23, 2013, the Penang government had clearly said that BUCG was one of the shareholders and owned an equity of 10% as stated in the contract.

BUCG was later left out of the mega project in Penang following a crane accident in Kuala Lumpur on Aug 25, 2016.